The aerospace & defense market consists of civil and military aerospace and defense procurements.

The civil aerospace segment is deemed to be the revenues accrued by manufacturers from all civil aerospace procurement. The valuation of the military aircraft, military vehicles, naval vessels, systems & ordnance, and other defense segments is based on capital expenditure (CAPEX), which is defined as expenditure on research and development (R&D), procurement and maintenance of weaponry and other military equipment. Such procurements only include equipment, parts, and maintenance (EPM); other elements of military spending, such as personnel and buildings, are omitted.

Any currency conversions used in the creation of this report have been calculated using constant 2016 annual average exchange rates.

The global aerospace & defense market had total revenues of $865.6bn in 2016, representing a compound annual growth rate (CAGR) of 2.2% between 2012 and 2016.

The civil aerospace segment was the market's most lucrative in 2016, with total revenues of $570.5bn, equivalent to 65.9% of the market's overall value.

Global demand for civilian aircraft has grown, most notably in developing Asian economies. Defense spending has increased in some countries, but for the most part developed economies have been neglecting the military budgets due to budget constraints.

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